ICE Canadian canola futures climbed on Thursday to a near three-month high, as wet, snowy weather stalled the harvest in Western Canada and prompted speculator buying. Some 77 percent of Saskatchewan's canola was harvested as of Monday. The overall harvest in the province is lagging its usual pace. Funds were modest buyers after the November contract broke through its 100-day moving average, and hold a small long position, a trader said.
November canola added $5.60 at $480.10 per tonne. It touched $482.40, the highest most active price since July 14. January canola gained $5.80 at $487.90. November-January canola spread traded a brisk 13,995 times, as investors rolled their positions forward, with the November contract expiring next month. Chicago November soybeans rose on bargain-buying. NYSE Liffe November rapeseed gained and Malaysian November crude palm oil dipped. The Canadian dollar was trading at $1.3200 to the US dollar, or 75.76 US cents at 12:53 pm CDT (1753 GMT), higher than Wednesday's settlement at $1.3259 to the greenback, or 75.42 US cents.
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